Cryptocurrency App Users Increase 14-Fold in South Korea

The number of cryptocurrency app users in South Korea has increased 14 times in the last 11 weeks to approximately two million users, according to a recent analysis. Users spend an average of 26 minutes using them daily and the majority of users are in their 30s.

A 14-Fold Jump

Application analytics company Wiseapp recently conducted an analysis of 23,000 Android smartphone users in South Korea.

The company found that “Nearly 2 million South Koreans are estimated to have used cryptocurrency applications with their smartphone in the past week,” Yonhap wrote, adding that:

A total of 1.96 million people may have used apps that allow them to handle digital currencies, such as bitcoin and ethereum, last week, up from 140,000 tallied between Oct. 30 and Nov. 5.

Weekly chart of the number of crypto app users from Oct 30 to Jan 14. 196 is equivalent to 1.96 million.

According to Wiseapp’s data from October 30 to January 14, “Virtual currency app users increased 14 times in the last 11 weeks,” the company wrote. Popular apps include those related to cryptocurrency trading, particularly bitcoin, as well as “quotes, bulletin boards, etc,” the company detailed.

More South Koreans are increasingly using cryptocurrency apps despite multiple regulatory announcements, including the crackdown on anonymous crypto trading. The tax authority has also been discussing ways to tax cryptocurrencies.

In addition, two major exchanges, Bithumb and Coinone, are being investigated by the authorities. Then, over the weekend, the regulators announced that crypto traders could face fines if they do not convert from virtual accounts to real-name accounts once the new system is implemented.

Bitcoin App User Demographics

Wiseapp’s research also revealed that last month 1.8 million people used the top 10 bitcoin-related apps while 2.67 million people used the top 10 securities-related apps during the same time period. However, bitcoin app users spend an average of 26 minutes using the apps, which is twice the 13-minute daily use time for securities apps in the same period.

In addition, the company also found that 6.5% of bitcoin app users are in their teens, 24% in their 20s, 32.7% in their 30s, 21% in their 40s, and 15.8% are 50 and over.